EQT Corporation (EQT - Free Report) recently announced that it will trim nearly a quarter of its total workforce. The company is taking this vital step for facilitating a strategic transformation to improve its operational efficiency and add shareholder value.
The restructuring includes laying off 196 of its more than 800 employees. This round of job cuts is considered the highest mass retrenchment in EQT’s history and will see the streamlining of staff to 650 compared with more than 900 in 2018. This action will help the company save almost $50 million in annual cost and administration expenses.
This Pittsburgh-based natural gas driller will further reduce its number of departments from 58 to 15, enhance its management skills and concentrate on the steps and purposes that are directly in line with its objectives.
Per EQT CEO Toby Rice, this portfolio rationalization signifies the company’s shift to a modern and technology-driven entity, making it an efficient gas producer in the process.
This largest independent natural gas producer in the United States has come up with a ‘future state’ organizational arrangement based on its business evaluation and tech-savvy work environment.
This organizational arrangement is anticipated to help EQT achieve its purpose of minimizing expenses and optimizing operating excellence by challenging and backing its employees.
Zacks Rank & Key Picks
EQT Corporation carries a Zacks Rank #3 (Hold). Better-ranked players in the energy space include BP Midstream Partners (BPMP - Free Report) , Dril-Quip, Inc. (DRQ - Free Report) and World Fuel Services Corporation (INT - Free Report) , each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
BP Midstream’s earnings beat the Zacks Consensus Estimate in three of the trailing four quarters.
Dril-Quip earnings beat the Zacks Consensus Estimate in three of the previous four quarters.
World Fuel Services earnings beat the Zacks Consensus Estimate in all the last four quarters.
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